Seniors Housing

Heartis Seniors Housing Community Under Construction in Metro Dallas

by Haisten Willis July 16, 2015

ARLINGTON, TEXAS — Caddis, a healthcare and real estate firm, is developing a 67,000-square-foot, one-story, 81-unit assisted living and memory care community in Arlington. The new senior community is scheduled to open in spring 2016. Heartis Arlington will feature amenities including a courtyard, outdoor walking paths, game and activity rooms and a beauty/barber shop. Services range from assistance with personal activities to housekeeping and laundry to daily nursing care and 24-hour emergency response. Frontier Management will manage the community. The company also manages several other Heartis communities in Texas. Austin-based Pi Architects Inc. is the architect for Heartis Arlington, and the Dallas office of Weis Builders is the general contractor. Construction debt financing is being provided by Kansas City, Mo.-based UMB Bank, NA. Caddis launched its senior living brand, Heartis, in early 2013. In addition to Arlington, the company has communities open or under construction in the Texas cities of Conroe, Cleburne, Fort Worth, Amarillo, Cypress, Clear Lake, San Antonio, Longview and Waco. Caddis will own Heartis Arlington upon completion.

July 16, 2015

Kentucky Multifamily Seniors Housing Southeast

Continental, Leo Brown Break Ground on $16M Seniors Housing Facility in Lexington

by John Nelson July 16, 2015

LEXINGTON, KY. — Columbus, Ohio-based Continental Real Estate Cos. and Carmel, Ind.-based Leo Brown Group have begun construction on a new senior living community in Lexington called Highgrove at Tates Creek. The community will consist of 90 assisted living units, 30 of which will be dedicated to memory care. Development costs for the community are approximately $16 million. Leo Brown Group’s management company affiliate, Traditions Management, will run the day-to-day operations once construction is complete. Traditions manages a portfolio of communities in Kentucky, Indiana and Ohio totaling 780 units. The partnership expects Highgrove at Tates Creek to accept its first residents in spring of 2016. This is the second community developed by Continental and Leo Brown Group — in 2014 the partnership broke ground on a 94-unit site in Granville, Ohio, which will open later this summer.

July 16, 2015

California Loans Multifamily Seniors Housing

Cambridge Arranges $12.3M HUD Refinance for California Skilled Nursing Facility

by Nellie Day July 14, 2015

VICTORVILLE, CALIF. — Cambridge Realty Capital Companies has arranged a $12.3 million HUD Lean loan to refinance Knolls West Post Acute, a skilled care nursing facility located in Victorville. The fully amortized, 30-year loan was arranged for the owner, a California limited liability company, using the HUD Section 232 funding program. Cambridge Realty Capital Ltd. of Illinois underwrote the transaction.

July 14, 2015

Multifamily Seniors Housing Washington Western

Evans Senior Investments Arranges Sale of Washington Community for $18M

by Nellie Day July 14, 2015

VANCOUVER, WASH. — Evans Senior Investments has arranged the sale of a three-property seniors housing community, all located on the same campus in Vancouver, to a publicly traded REIT for $18 million. The three properties are Fort Vancouver Convalescent Center, a skilled nursing facility; Caretique, a memory care community; and Park Lido, an assisted living facility. With 136 total beds, the sale price represents $132,353 per unit. Opened in 1982, additions and buildings were added on to the facility in 1985 and 1992. At the time of the transaction, occupancy ran between 70 percent and 80 percent for the facilities. The capitalization rate was 11.7 percent based on the trailing 12 months of net operating income.

July 14, 2015

Multifamily Seniors Housing Washington Western

Evans Senior Investments Arranges Sale of Washington Community for $18M

by Nellie Day July 13, 2015

July 13, 2015

California Loans Multifamily Seniors Housing Western

Cain Brothers Arranges $13.7M FHA Loan for California Community

by Nellie Day July 13, 2015

GRANITE BAY, CALIF. — Cain Brothers Funding LLC, the mortgage banking affiliate of Cain Brothers, has arranged a $13.7 million mortgage loan for Eskaton Lodge Granite Bay, a 105-unit nonprofit assisted living facility in Northern California. The proceeds of the FHA loan were used to retire existing bank debt and an interest rate swap. As a result of the refinancing, Eskaton was able to eliminate the risks associated with the bank debt/swap structure and replace it with a 35-year fully amortizing loan with a fixed mortgage note interest rate of 3.07 percent.

July 13, 2015

California Multifamily Seniors Housing Western

ABHOW, be.group to Merge, Forming Largest Seniors Housing Nonprofit in California

by Nellie Day July 10, 2015

GLENDALE AND PLEASANTON, CALIF. — Two California-based, nonprofit seniors housing owner/operators have announced plans to merge, creating the largest nonprofit seniors housing provider in California, according to the two companies. Pleasanton-based American Baptist Homes of the West (ABHOW) and Glendale-based be.group, made the announcement Tuesday. The unified company will provide continuing care, affordable housing, assisted living and memory support to 9,800 residents in 83 communities across California, Arizona, Nevada, Washington and Oklahoma. When the merger is finalized, Ferguson will become executive advisor to aid in the transition until his official retirement from ABHOW in early 2017. Ferguson has been with the company for 25 years. John Cochrane, be.group CEO, will assume leadership of the combined organization at the close of the merger. The merger must be approved by several state agencies. During this review period, the two companies will conduct due diligence regarding finances, operations and development plans. Upon regulatory approval, the two companies will merge, which is expected to occur early next year.

July 10, 2015

Arizona Multifamily Seniors Housing Western

Heritage to Develop Third Phoenix-Area Community for $22M

by Nellie Day July 6, 2015

PEORIA, ARIZ. — Heritage Communities of Omaha, Neb., has announced its plans to develop the company’s third seniors housing community in the Phoenix metro area: Orchard Pointe at Terrazza. Working in partnership with Telis Commercial Real Estate of Phoenix, the $22 million project will be located in Peoria as part of the Terrazza mixed-use development. When completed, Orchard Pointe at Terrazza will feature 118 units: 40 independent living, 56 assisted living and 22 memory care. Reece Angel Rowe, the architect for Heritage Communities’ other Phoenix properties, will also design this third location. Construction on the new project is slated to begin in 2016 with a projected open date in 2017. Heritage Communities’ first project in Arizona, Orchard Pointe, is located in Surprise. Opening in 2013, the community serves nearly 100 residents. Construction on Orchard Pointe at Arrowhead — Heritage’s second Phoenix-area community — is scheduled to begin this month in Glendale. Established in 2001, Heritage Communities owns and operates 10 senior living communities throughout Nebraska, Iowa and Arizona.

July 6, 2015

Loans Multifamily Seniors Housing Washington Western

Walker & Dunlop Arranges $3.4M Loan for Washington Assisted Living Community

by Nellie Day July 6, 2015

VANCOUVER, WASH. — Walker & Dunlop Inc. (NYSE: WD) has closed a $3.4 million loan for Arbor Ridge Assisted Living with the Vancouver Housing Authority. Arbor Ridge Assisted Living provides affordable housing for seniors who cannot afford private facilities within the local market. This is the first Rental Assistance Demonstration (RAD) transaction Walker & Dunlop and HUD’s Lean 232 program have completed for a health care facility. The RAD program is HUD’s major effort to recapitalize public affordable housing. RAD focuses on conserving affordable rental housing, meeting the needs of residents and constructing lasting communities along with supporting future property improvements. The Arbor Ridge transaction was structured with a 35-year term and a 35-year amortization schedule. Additionally, the loan was written to a 78.5 percent loan-to-value and 1.45 debt service coverage ratio. Michael Vaughn, senior vice president, led the Walker & Dunlop team.

July 6, 2015

California Multifamily Seniors Housing Western

Merrill Arranges Sale of Community in San Diego for $5.1M

by Nellie Day July 2, 2015

SAN DIEGO — California-based real estate firm Merrill Commercial Real Estate Inc. has arranged the sale of Golden Living of Point Loma in San Diego for $5.1 million. The assisted living community consists of 55 units (113 beds) within 30,832 square feet on a 0.75-acre lot. New ownership plans to convert a portion of the existing units to memory care.

July 2, 2015

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